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Real Estate in Divorce in Illinois | What to Know?
It is probably a fool’s errand to presume that a legal process like divorce can be easy. Even the most amicable of divorces go through some rough patches here and there. Especially when it comes to significant assets such as real estate, things can get even more contentious between the divorcing spouses.
If you are contemplating divorce in Illinois, you should try and familiarize yourself with at least the major aspects of divorce law in the state. Real estate is often the most significant asset that married couples share. Therefore, you must be aware of what might happen to your marital home or investment property, post-divorce.
Splitting up of assets (real estate) during a divorce in Illinois
According to the laws governing divorce in the state of Illinois, all financial assets, including physical entities such as real estate, count as property. To proceed with splitting up the property between divorcing spouses, the court will first identify under which category each property falls.
Categories of Property: Marital property and Separate property
The divorce law in Illinois clearly states that marital property is the property that is bought or obtained during the marriage. On the other hand, separate property includes property that either spouse acquired or got individually ... more
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